Equitable Joins Forces with BlackRock to Help More Americans Secure Their Financial Well-being
Equitable to provide lifetime income annuity for BlackRock’s new 401(k) investment solution
Equitable, a leading financial services company and subsidiary of Equitable Holdings announced it is working with BlackRock to provide simplified access to lifetime income through an annuity within a new target date investment solution for BlackRock’s U.S. defined contribution plan clients.
HR Technology News: Veteran Labor Department Litigator Dane Steffenson Joins Littler in Atlanta
“This economic environment has underscored the growing need for financial security in retirement”
The investment solution is a target date strategy that will include an allocation to innovative annuity contracts, over time. The annuity contracts, to be issued by Equitable and another selected insurer, will not limit the daily liquidity of the target date strategy. Plan participants will have the option to use a portion of their plan account balance at retirement to purchase a fixed individual retirement annuity from Equitable that will provide guaranteed lifetime income. The solution will be available to U.S. employers to provide to their employees through their defined contribution retirement plans.
HR Technology News: Employee Burnout Can Be Fatal – for Employees and Companies Alike
“This economic environment has underscored the growing need for financial security in retirement,” said Nick Lane, President of Equitable. “By providing access to lifetime income options within workplace retirement plans, Equitable brings increased choice and flexibility to help more Americans secure their financial well-being.”
The movement toward defined contribution plans and away from defined benefit plans has resulted in the need for individuals to determine, often on their own, how to convert their savings into a dependable income stream – a problem made even more difficult during times of market volatility. BlackRock’s LifePath Paycheck™ seeks to offer the simplicity and lifetime income stream of a defined benefit plan, combined with the flexibility and choice of a defined contribution plan.
HR Technology News: HR for Health and Henry Schein, Inc. Announce Exclusive Business Relationship to Provide Doctors with New Solutions to Simplify Human Resources & Payroll